Pakistan’s economy needs time to recover: US official

July 24, 2023 (MLN): There is no quick solution to Pakistan’s economic problems but it should continue to work with the International Monetary Fund (IMF) to overcome its difficulties, U.S. Principal Deputy Assistant Secretary of State for South and Central Asia Elizabeth Horst stated in a conversation with the Washington-based Pakistani journalists on Friday.

She said, “We support the arrangement. It provides (Pakistan) a breathing space”.

Elizabeth further added that Pakistan should continue to work with the IMF, although there is no quick fix, but it exists.

She emphasized that they are ready to work with the government elected by the people of Pakistan.

However, America has no role in Pakistan’s politics. It is for the Pakistani people to decide who they want to elect.

“We do not support one party against the other. We support the rule of law and democracy in Pakistan.” she stated.

She highlighted Pakistan and USA’s strong partnership, highlighting that the U.S. is the largest buyer of Pakistani products, amounting to a total trade of $9 billion last year.

The state secretary said that in 2022, the foreign direct investment by the US for Pakistan was $250 million, while $215m was given to Pakistan for the rehabilitation of flood victims.

Horst said that the U.S. has provided over $20bn to Pakistan in the last 20 years.

Last year, they had a Trade and Investment Framework Agreement (TIFA) meeting after eight years; climate, energy, and health dialogues were also held. Additionally, they are also working on a green alliance framework.

The U.S. official stated, “we are resetting the relationship.”

Horst noted that there were at least 550,000 Pakistanis in the U.S., who could play a key role in maintaining the US-Pakistan partnership.

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